December 31, 2013 to December 31, 2023

_{I.  ^{Prior to December 1, 2017, composite assets included institutional International Equity Opportunities accounts.}}

_{II. "^{Pure" gross-of-fees returns do not reflect the deduction of any expenses, including trading costs. “Pure” gross-of-fees returns are supplemental to net returns. Prior to September 30, 2019, composite “Pure” gross returns included trading costs.}}

1. Jennison Associates LLC (Jennison or the Firm) claims compliance with the Global Investment Performance Standards (GIPS^®) and has prepared and presented this report in compliance with the GIPS standards. Jennison has been independently verified for the period from January 1, 1993 through December 31, 2023. A firm that claims compliance with the GIPS Standards must establish policies and procedures for complying with all applicable requirements of the GIPS Standards.  Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS Standards and have been implemented on a firm-wide basis.   The Jennison International Equity Opportunities SMA Composite (Composite) has had a performance examination for the period from June 1, 2012 through December 31, 2023. The verification and performance examination reports are available upon request.
2. GIPS^® is a registered trademark of CFA Institute.  CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
3. Jennison Associates LLC is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an indirect wholly owned subsidiary of Prudential Financial, Inc. (Parent). Registration does not imply a certain level of skill or training. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.   On January 1, 2006, Jennison redefined the Firm to include managed accounts assets, for all periods after January 1, 2006.
4. The net of fee 1, 5 10 year returns as of 12/31/2023:  20.49%, 11.36%, 5.40%, respectively.  The benchmark 1, 5, 10 year returns as of 12/31/2023:  15.62%, 7.08%, 3.83%, respectively.
5. The Composite inception date was May 31, 2012 and the creation date under the GIPS standards was December 2017. The Composite includes all accounts managed to the International Equity Opportunities SMA strategy (Strategy). The Strategy seeks long-term growth of capital by investing in stocks of companies outside of the US believed to have the potential to generate attractive long-term earnings growth and price appreciation. Exposure to non-US companies is primarily accessed through American depositary receipts (ADRs).  Wrap portfolios represent 0% of the Composite through 2018, 79% as of 12/31/19, 98% as of 12/31/2020, 99% as of 12/31/2021, 99% as of 12/31/2022. 99% as of 12/31/2023. Prior to May 2021, the composite was named Jennison Managed Accounts (JMA) International Equity Opportunities. The name change was to better align with industry naming convention.  A list of Jennison’s composite and limited distribution pooled fund descriptions is available upon request. Policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.
6. Performance results are calculated in US dollars and reflect reinvestment of dividends and other earnings. Returns are “pure” gross of reclaimable withholding taxes, if any, and net of non-reclaimable withholding taxes. The wrap fee includes charges for trading costs, portfolio management, custody and other administrative and sponsor related fees. “Pure” gross-of-fees returns do not reflect the deduction of trading costs, fees or expenses. Non-wrap accounts in the composite pay trading expenses. Prior to September 1, 2019, non-wrap accounts represent 100% of composite assets. Net-of-fees returns are calculated monthly by subtracting the highest annual program fee charged by sponsors of programs in which SMA participates from the pure gross return. The highest annual program fee, which includes fees for SMA’s services that may be charged by sponsors to accounts managed by Jennison is 3.00% (0.25% per month). Each sponsor’s standard program fees are described in the Part II of each sponsor’s Form ADV or Wrap Fee Sponsor Brochure.
7. Performance presented for periods prior to December 1, 2017 represents the returns achieved by accounts in the International Equity Opportunities Composite. The Jennison International Equity Opportunities Composite includes all fee-paying discretionary non-wrap fee program accounts that have been managed in Jennison’s International Equity Opportunities strategy for at least one full calendar month. While the same International Equities Opportunities investment process is applied to both the Jennison International Equity Opportunities Composite and the Composite, performance results may differ due reasons such as differences in investment guidelines, and restrictions and liquidity constraints imposed by the sponsor.
8. The data presented represents past performance and does not guarantee future results. Performance results fluctuate, and there can be no assurances that objectives will be achieved. Client’s principal may be at risk under certain market conditions.
9. Prior to Jan 1, 2019, the annual composite dispersion was presented as equal weighted standard deviation calculated for the individual gross account returns in the composite for the entire year. From January 1, 2019 to December 31, 2019, annual composite dispersion is presented as an asset weighted standard deviation for the individual gross account returns in the composite for the entire year.  Starting January 1, 2020, annual composite dispersion is presented as an equal weighted standard deviation calculated for the individual gross account returns in the composite for the entire year.  For annual periods with less than 6 accounts included for the entire year, dispersion is not presented.  The three-year annualized ex-post standard deviation measures the variability of the composite’s gross returns and the benchmark over the preceding 36-month period and is not required to be presented prior to 2011 or when 36 monthly composite returns are not available.
10. The Benchmark for the Strategy is the MSCI All Country World ex US Index (Net).  Prior to August 1, 2018, the MSCI All Country World ex US Index (Gross) was presented as secondary benchmark.  The benchmark was removed as it was determined that the primary benchmark is considered most representative of the strategy.